SAMPLE
FORMAT ONLY/NOT NEGOTIABLE
OUR
REFERENCE DATE
______________
______________
BENEFICIARY:
ONE
PENN PLAZA LLC
C/O
VORNADO REALTY TRUST
210
ROUTE 4 EAST
PARAMUS,
NJ 07652
ATTN:
VINCENT HOFFMAN
GENTLEMEN/LADIES:
FOR
ACCOUNT OF:
BROADPOINT
SECURITIES GROUP, INC.
(ADDRESS
OF APPLICANT)
WE
HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN
YOUR
FAVOR.
AVAILABLE
WITH: OURSELVES
BY PAYMENT
DRAFTS
AT SIGHT
DRAWN
ON THE BANK OF NEW YORK
AS
INDICATED BELOW
TO
THE EXTENT OF: USD2,107,490.00
EXPIRY: (ONE
YEAR FROM ISSUANCE)
PLACE
OF EXPIRY: OUR COUNTERS
ADDITIONAL
DETAILS:
WE
HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF
CREDIT NO. ____________
(THIS “LETTER OF CREDIT”) IN YOUR
FAVOR FOR ACCOUNT OF BROADPOINT SECURITIES
GROUP, INC., UP TO AN AGGREGATE AMOUNT OF U.S.$2,107,490.00
(TWO MILLION ONE HUNDRED SEVEN THOUSAND FOUR HUNDRED NINETY
AND 00/100 UNITED STATES DOLLARS), WHICH IS EFFECTIVE
IMMEDIATELY AND INITIALLY EXPIRING AT OUR CLOSE OF
BUSINESS ON _______________, AVAILABLE AGAINST YOUR OR YOUR
TRANSFEREE’S SIGHT DRAFT(S) DRAWN ON US.
PARTIAL
DRAWINGS ARE PERMITTED HEREUNDER, PROVIDED THAT THE AMOUNT OF
EACH SUCH DRAWING HONORED BY US HEREUNDER SHALL PRO TANTO
REDUCE THE AGGREGATE AMOUNT OF THIS LETTER OF
CREDIT.
THIS
LETTER OF CREDIT MAY BE TRANSFERRED IN ITS ENTIRETY ONLY BUT
NOT IN PART. SAID TRANSFER IS TO BE EFFECTED AT OUR
COUNTERS AND IS CONTINGENT UPON:
|
(A)
|
THE
SATISFACTORY COMPLETION OF OUR TRANSFER FORM, ATTACHED HERETO, WITH
THE SPECIMEN SIGNATURE OF
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